Sikorsky, a Lockheed Martin company, has been selected to deliver the S-92A+, the newest variant of its S-92 helicopter, to the Republic of Korea Air Force (ROKAF) for the service’s Presidential Helicopter II program. Lockheed Martin announced the selection on November 6, 2026, without disclosing the number of aircraft, the contract value or a delivery schedule.

The selection keeps the S-92 family in a role it already fills in South Korea. The ROKAF took delivery of three S-92 helicopters in 2007 and has relied on them for nearly two decades of presidential transport, according to the Lockheed Martin press release. Korea Aviation Engineering & Maintenance Service (KAEMS), a subsidiary of Korea Aerospace Industries, will complete the mission equipment in South Korea.

What the contract covers

Beyond the helicopters themselves, the contract covers additional special mission equipment and sustainment support, including critical spare parts and field service representation, according to Lockheed Martin. The release does not say how many S-92A+ aircraft the ROKAF will receive.

Wonik Lee, South Korea country executive for Lockheed Martin, said: “We are deeply honored that the S-92A+ has been selected as the Republic of Korea’s presidential helicopter.” He said he was confident the aircraft would continue “supporting this critical mission with the highest standards of safety and reliability,” pointing to the platform’s shared presidential transport heritage in South Korea, the United States and other nations. Lee said the milestone reflects Lockheed Martin’s “longstanding commitment to the ROK-U.S. alliance.”

What the S-92A+ adds

The S-92A+ adds upgraded engines, a new Phase IV main gearbox and increased payload or fuel capacity, according to the release. Sikorsky gave more detail on the configuration in March 2026, when it said it was standardizing all production aircraft on the S-92A+, each with the Phase IV main gearbox and upgraded engines.

In that March release, Sikorsky said the Phase IV gearbox has a minimum operating lifecycle of more than 6,000 flight hours, with longer intervals between overhauls, and auxiliary lubrication that lets the helicopter complete a flight safely even if primary oil pressure is lost. At the time, the gearbox was in its final 200 hours of endurance testing. Increased shaft horsepower from the GE CT7-8A6 engines maintains power across a wider range of temperatures in hot and high-altitude conditions, and the added engine power and airframe strengthening raise maximum gross weight to 27,700 pounds, which Sikorsky said provides an additional 1,200 pounds of payload or fuel. AirPro News has previously reported on the Phase IV gearbox’s safety features.

The configuration began as an upgrade kit. In April 2020, Sikorsky signed Canada’s VIH Aviation Group as the first S-92A+ kit customer, for four kits. At that point, Sikorsky said full-scale testing had shown the gearbox could provide return-to-base capability over more than 400 nautical miles if primary lubrication oil pressure was lost. The S-92A+ capability remains available as a retrofit kit for any S-92A, with an option for upgraded engines, according to the March 2026 release.

Production in Stratford and Owego

Sikorsky is ramping up S-92A+ production in Stratford, Connecticut, and Owego, New York, with capacity to produce up to 12 aircraft a year, according to the November 6 release. In March 2026, when Sikorsky announced that it was preparing its first S-92A+ production batch, it said the aircraft were for a new head-of-state transport customer and anticipated orders from head-of-state and offshore-energy customers.

That March release said a 14th country had ordered two aircraft for head-of-state transport, and that Sikorsky would assemble those two plus three additional S-92A+ aircraft. Stratford will produce S-92 dynamic components, including the main gearbox, blades and drivetrains, while the Owego workforce has delivered 23 new U.S. presidential helicopters based on the S-92A platform. Sikorsky also delivered two S-92A aircraft to head-of-state customers in Asia and the Middle East in 2025, according to the same release.

The S-92 in South Korea and worldwide

Lockheed Martin and Sikorsky’s partnership with South Korea spans more than 70 years and includes the Black Hawk, Seahawk and S-92 programs, according to the company. Beyond presidential transport, S-92 helicopters have supported Korea Coast Guard search and rescue, as well as firefighting and lifesaving missions for the National 119 Rescue Headquarters, part of the National Fire Agency.

Worldwide, Lockheed Martin said the S-92 fleet has logged more than 2.6 million flight hours, with an average lifetime availability rate of more than 90%, and that more than 300 aircraft have been delivered across 28 countries. The type supports head-of-state and VIP transport, offshore energy and search and rescue missions, and is the foundation for the U.S. Marine Corps’ VH-92A Patriot presidential helicopter, which continues Sikorsky’s record of transporting every U.S. president since 1957.

The U.S. Air Force has added funding to Joby Aviation’s autonomous flight contracts, bringing its total commitment to nearly $37 million and raising the ceiling on Joby’s operational testing contract to $50 million. The money is aimed at autonomy software development and expanded operational testing in the Pacific.

Joby announced the expansion in a press release distributed on November 4, 2026, the same day it reported third quarter 2026 results. The agreements cover software integration and operational testing across two primary contracts with AFWERX, the Air Force’s innovation arm, and follow a cross-country tour in which a Joby-equipped Cessna Caravan logged 6,665 miles of autonomous flights, with landings in 11 states and integrated operations across 24 states.

What the Air Force is paying for

According to the release, the funding supports autonomy software development and expanded operational testing in the Pacific as the Air Force moves toward sustained autonomous logistics operations. Joby said the new contracts will focus on follow-on Pacific military exercises, and that the funding also supports ongoing design updates and safety reviews to extend the autonomy stack’s capabilities.

The two figures in the announcement measure different things. Nearly $37 million is the Air Force’s total commitment, while $50 million is a ceiling on the operational testing contract. In the forward-looking statements attached to the release, Joby lists Air Force funding and appropriations limits, and the possibility that a contract ceiling is not reached, among the risks to its plans.

JoeBen Bevirt, Founder and CEO of Joby Aviation, called the expansion “a powerful validation of the adaptability of Joby’s autonomy stack.” He said the system was designed to be platform-agnostic and that the funding “will accelerate our path to sustained uncrewed operations.”

Kate Brown, Contested Logistics Tactical Airlift Lead at AFWERX, said the goal is to “sustain cargo operations in contested environments” while reducing risk to aircrews and preserving crewed aircraft for the missions that need them.

From Agile Flag to a coast-to-coast tour

The autonomy system at the center of the contracts came to Joby through its acquisition of the autonomy division of Xwing, which Joby completed in June 2024. In an August 26, 2024 release, Joby said that team flew a fully autonomous Cessna 208B Grand Caravan for more than 3,900 miles between military bases and public airports in California and Nevada during the Air Force’s Agile Flag 24-3 exercise, with a safety pilot monitoring the aircraft. The aircraft completed a fully autonomous taxi, takeoff and landing at each of 9 locations, after the Xwing team had logged more than 2,800 miles of fully autonomous flight in Agile Flag 24-1 earlier that year.

“The return on investment for the U.S. Air Force with this technology is significant,” Col. Max Bremer, Air Mobility Command Special Access Program management officer, said in that release, explaining that using the system for smaller cargo frees larger cargo aircraft for tasks such as moving large parts or engines. According to Joby, the system delivered critical replacement parts 24 hours faster than conventional logistics during Agile Flag, and during REFORPAC exercises in August 2025 an aircraft in Hawaii was operated remotely from Guam, nearly 4,000 miles away. AirPro News covered Joby’s role in the REFORPAC 2025 exercise at the time.

The cross-country tour, part of Joby’s 2026 Electric Skies campaign, took the aircraft from Concord, California, to North Carolina’s Outer Banks with zero control inputs from its onboard safety pilot. Joby said in its September 18, 2026 release that the 3,199-mile eastbound flight was supervised remotely from Joby’s Autonomy Headquarters in California and from Shaw Air Force Base in South Carolina, where the aircraft demonstrated representative military flight operations. AirPro News reported on the transcontinental autonomous flight the following day.

Across the full multi-leg tour, Joby said the aircraft performed fully autonomous taxiing, takeoffs, route navigation and landings under remote supervision from up to 2,537 miles away. The September release gave a remote supervision distance of up to 2,323 miles for the eastbound transcontinental flight. A ground-based operator monitors each flight, updates routes and communicates with air traffic control in real time, and the autonomy stack has completed more than 400 fully autonomous flights, according to Joby.

Where defense fits in Joby’s business

Joby is best known for its piloted electric air taxi, and the November 4 release presents the autonomy work as part of a dual-use strategy covering defense logistics, cargo and emergency response. Its autonomous J208 operations are part of the White House-backed eVTOL Integration Pilot Program (eIPP) in Utah and North Carolina. North Carolina tour flights supported the North Carolina Department of Transportation’s eLIFT-NC initiative for statewide healthcare logistics, and western flights contributed to the Utah Department of Transportation’s multi-state uFLY coalition, which is evaluating high-altitude, extreme-environment airspace integration for the FAA.

Joby also plans to acquire Resonant Sciences, with closing expected early in 2027. In its third quarter 2026 results release, filed with the SEC on November 4, Joby described Resonant Sciences as an EBITDA-positive defense technology company with more than $100 million in trailing twelve-month revenue and said the deal would significantly expand its defense business. Closing conditions for the planned Resonant Sciences acquisition remain outstanding, according to the filing.

The same results release put third quarter 2026 revenue at $55 million, primarily from Blade, the passenger transportation business Joby operates in the United States and Europe. Joby said it is in the fifth and final stage of FAA type certification and has 17 aircraft in production.

This article is based on an official press release from Leonardo S.p.A..

Leonardo S.p.A. Reports Double-Digit Growth in FY 2025, Halves Net Debt

On February 25, 2026, Italian defense and aerospace conglomerate Leonardo S.p.A. released its preliminary financial results for the fiscal year 2025, reporting performance that exceeded both company guidance and market expectations. The company achieved double-digit growth across all primary metrics, including new orders, revenues, and profitability, while successfully reducing its net debt by nearly 45%.

According to the official release, the company’s “One Company” transformation strategy has begun to yield significant financial efficiencies. CEO Roberto Cingolani highlighted the results as a validation of the industrial plan launched three years prior, noting that the group has strengthened its financial position ahead of potential strategic moves in 2026.

Financial Performance vs. Guidance

Leonardo reported €23.8 billion in new orders for FY 2025, a 14.5% increase over the previous year and well above the guidance range of €22.3–22.8 billion. This surge in orders has pushed the company’s total backlog to €46.6 billion, providing approximately 2.4 years of revenue visibility.

Revenues climbed to €19.5 billion, marking a 10.9% year-over-year increase. Profitability also improved significantly, with Earnings Before Interest, Taxes, and Amortization (EBITA) reaching €1.75 billion, an 18.2% rise compared to 2024. The company noted that these growth figures are “like-for-like,” excluding the contribution of the Underwater Armaments & Systems business, which was divested to Fincantieri earlier in 2025.

Perhaps the most notable metric for investors was the reduction in Group Net Debt. Leonardo lowered its debt burden to €1.0 billion, down from €1.8 billion in 2024. This reduction was driven by strong Free Operating Cash Flow (FOCF) of €1.0 billion, which beat the upper end of the company’s €980 million guidance.

“We exceeded the challenging guidance, which had been already upgraded during the year. Such a performance represents the completion of the value-accretion path launched three years ago… fully enabling the Leonardo ‘One Company’ model.”

— Roberto Cingolani, CEO of Leonardo S.p.A.

Segment Highlights

The press release detailed growth across all main business sectors, with Aeronautics emerging as a standout performer regarding order intake.

Aeronautics and Aerostructures

The Aeronautics division secured €5.8 billion in new orders, a 55% increase year-over-year. The company attributed this spike to a major logistics support contract in Kuwait and accelerating activity in the Global Combat Air Programme (GCAP). Additionally, the Aerostructures sub-unit, historically a drag on profitability, was reported to have “narrowed its losses” amid recovering demand for commercial fuselages from Boeing and Airbus.

Electronics and Cyber Security

Electronics remains the largest segment by revenue, contributing €8.35 billion. The division maintained the highest Return on Sales (ROS) at 12.9%. Meanwhile, the Cyber & Security Solutions division recorded the sharpest improvement in profitability, with EBITA jumping 63.3% to €80 million and margins hitting 10%.

Strategic Outlook: Joint Ventures and Divestments

Looking ahead to the rest of 2026, Leonardo management outlined several key strategic initiatives. CEO Cingolani confirmed that the company is in advanced negotiations to establish a Joint Venture for its Aerostructures unit. Leonardo expects to finalize the deal by June 2026, initially retaining a 50% stake in the new entity.

Furthermore, the company is currently reviewing its 22.8% stake in German defense electronics firm Hensoldt. Management indicated that discussions are underway regarding a potential reduction in this holding to facilitate an increased position by the German government, with a decision expected before the summer.

AirPro News Analysis: Market Reaction

Despite the operational “beat” across all metrics, Leonardo’s stock (LDO.MI) closed down approximately 2.7% on the day of the announcement, trading around €58.69. In our view, this reaction reflects a classic “buy the rumor, sell the news” dynamic. The stock had rallied significantly in the months leading up to the release, trading near 52-week highs.

While the immediate market reaction was negative, the fundamental improvements in cash flow and debt reduction place Leonardo in a robust position. The reduction of net debt to €1.0 billion significantly increases the company’s firepower for potential M&A activity or increased shareholder returns, such as the potential 20% dividend increase hinted at by leadership.

Sources

Sources: Leonardo S.p.A. Press Release, Borsa Italiana Market Data